The S&P 500 climbed 8.80 points to finish at 1,838.63. The Nasdaq edged up 3.35 points to close at 4,244.03.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, fell below 14.

Most key S&P sectors closed in positive territory, led by energy and consumer staples. Telecoms remained in the red.

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On the economic front, consumer sentiment was unchanged in early February at 81.2, according to the preliminary reading of the Thomson Reuters/University of Michigan. Analysts polled by Reuters expected a February reading of 80.6.

Economists trimmed their forecasts for U.S. economic growth in the first quarter of the year, with payroll expansion seen remaining somewhat subdued, but they expect the pace of activity to pick up in the second quarter.

Analysts see the economy growing at an annual rate of 2.0 percent in the current quarter, down from a previous estimate of 2.5 percent, according to the Philadelphia Federal Reserve's quarterly survey of 45 forecasters. Second-quarter growth was forecast to accelerate to 3.0 percent, up from a prior forecast of 2.9 percent.

"Some of these numbers weren't good but they do not derail the recent positive trends…but I'm not worried about the U.S.," said Doug Cote, chief investment strategist at ING U.S. Investment Management. "Fundamentals are on track and I think the market is starting to put the word 'recovery' away as a 'global expansion' is underway."

Jos. A. Bank dipped after the men's clothing retailer said it is acquiring Eddie Bauer brand from Golden Gate Capital for more than $800 million.

Asia shares were mixed on Friday, after subdued inflation data out of China.

Chinese consumer inflation rose an annualized 2.5 percent last month, but remained at a seven-month low. Producer prices fell for the 23rd straight month.

Meanwhile, Japanese stocks erased early gains, despite Finance Minister Akira Amari saying that most of the government's $53 billion stimulus package will be implemented by June.

Shares in Europe were also mixed, after better-than-expected euro zone growth data. Both Germany and France grew faster than forecast in the final quarter of 2013, with their economies expanding by 0.3 percent and 0.4 percent respectively.